By Dave Sims, Commodity News Service Canada
WINNIPEG, Feb. 24 – ICE Canada canola contracts were higher Tuesday morning, in sympathy with the US soy complex.
Values also received a boost from the Canadian dollar which was lower against its US counterpart. A weaker dollar helps make canola more attractive on the international marketplace.
European rapeseed futures were also higher, which lent canola some support.
Commercial demand for canola is steady and canola has penetrated some key resistance levels on the price chart, according to a report.
However, continued good weather in South America is aiding the harvests in Brazil and Argentina which was bearish for canola, traders say.
The massive US soy supply also weighed down values along with Malaysian palm oil, which was softer on the day.
About 2,500 canola contracts had traded as of 8:35 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CST:
